Which of the following sequences accurately describes the evolution of the payments system?
A) barter, coins made of precious metals, paper currency, checks, electronic funds transfers
B) barter, coins made of precious metals, checks, paper currency, electronic funds transfers
C) barter, checks, paper currency, coins made of precious metals, electronic funds transfers
D) barter, checks, paper currency, electronic funds transfers
A
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The marginal product of capital is the ________ curve for capital and the marginal product of labor is the ________ curve for labor
A) demand; demand B) demand; supply C) supply; demand D) supply; supply
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?
A. $12.50 B. $25.00 C. $37.50 D. $50.00
According to the text, today's Lorenz curve is
A) a straight line. B) a vertical line. C) more bowed than in 1929. D) less bowed than in 1929.
The reserve requirement is:
A. the regulation that sets the minimum fraction of deposits banks must hold in reserve. B. the dollar amount of cash banks must keep on hand and not loan out. C. currently set at $2 million for most banks. D. a loose guideline for how much banks must hold in reserves.